Infosys Technologies Ltd and Bancolombia today announced that Bancolombia, the largest universal bank in Colombia and among the top 500 banks globally, has selected Finacle Universal Banking Solution to power its operations in Colombia and its international subsidiaries.
Bancolombia has a strong market share in the South American retail, corporate, credit cards, investment banking and housing loan sectors. After concluding the merger with Conavi and Corfinsura, Bancolombia embarked upon a major transformation project to modernize its technology platform for future growth, business agility and operational efficiency.
According to Ms. Olga Botero Pelaez, Vice President of Information Technology, Bancolombia, "The long term strategy of Bancolombia is to maintain our leadership position by satisfying and building upon our large customer base while at the same time leverage cost optimization opportunities. Technology-led transformation is a key initiative to redefine the way we do business and serve our customers. Finacle will help increase our efficiency and strengthen our leadership position in the competitive Latin American banking industry."
As part of this transformation initiative, the bank followed a rigorous evaluation of leading global and regional banking technology providers. "We chose Finacle for its global leadership in new generation banking technology solutions backed by Infosys, a strong partner with excellent delivery track record. We are confident that in Finacle and Infosys, we have found the best combination to power our business transformation." added Ms. Pelaez.
According to Haragopal M., Global Head- Finacle, Infosys Technologies, "We are delighted to partner with Bancolombia. This strategic partnership is an endorsement of the global leadership of Finacle. Latin America is a key focus region for us and we continue our high commitment to the requirements of banks in the region. "
With FinacleTM, the bank will be able to consolidate its technology platforms across functions and geographies leveraging cost and at the same time acquiring flexibility and scalability to adapt to a fast changing and competitive environment. FinacleTM core banking solution will enable the bank to meet the challenges of managing change, competition, compliance and customer demands effectively. FinacleTM e-banking solution will enable the bank to transition a significant part of their branch services using the Internet pushing down costs and at the same time offer newer avenues to make banking services available anytime, anywhere for the customer.
As a leader in banking transformation, FinacleTM has a global footprint across 64 countries and has been acknowledged among the leaders in the core banking solution space by top analysts including Gartner and Forrester. FinacleTM is also the winner of a series of awards for its innovation and implementation capabilities, the most notable ones being The Banker Technology Award, The Asian Banker IT Implementation Award and The Banking Technology Judge's Special Award for 'Innovative Use of IT'.